Sheridan Company shows the following balances in selected accounts of its adjust

Question

Sheridan Company shows the following balances in selected accounts of its adjusted trial balance.

Prepare the remaining closing entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

(To close revenue to income summary)

Dec. 31

(To close expenses to income summary)

Dec. 31

(To close net income to retained earnings)

Dec. 31

(To close dividends to retained earnings)

Supplies $24,320 Supplies Expense 4,560 Accounts Receivable 9,120 Dividends 16,720 Retained Earnings 53,200 Service Revenue 82,080 Salaries and Wages Expense 30,400 Utilities Expense 6,080 Rent Expense 13,680

Explanation / Answer

closing entries at December 31 :

Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 82,080 To Income summary 82,080 (To close revenue to income summary) Dec. 31 Income summary 54720 To Supplies Expense 4,560 To Salaries and Wages Expense 30,400 To Utilities Expense 6,080 To Rent Expense 13,680 (To close expenses to income summary) Dec. 31 Income summary [82,080 - 54720] 27360 To retained earnings 27360 (To close net income to retained earnings) Dec. 31 Retained earnings 16,720 To Dividends 16,720 (To close dividends to retained earnings)

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